US Housing: Buying Is More Affordable Than Renting In Most PlacesDecember 24, 2014 10:38 pm
Well this is not news exactly – but the numbers are definitely news. In 68 percent of US counties, buying a median priced home is now more affordable than renting a 3 bedroom space.
“Purchasing a median-priced home was more affordable than renting a three-bedroom home in 68% of the 473 counties analyzed by RealtyTrac. On average, renters are expected to spend 27% of their median household income on payments to landlords next year. Meanwhile, becoming a homeowner will require an average of 25% of income to cover the mortgage.”
27 percent of income on housing? We have written about Rent Vs Buy before – it is a tough call.